I think BTC has hit its short term top and we still need to see one final dump to reset the weighted average RSI indicator (takes into account RSI values from multiple time frames from 1 minute to 1 day) before we bounce to the 5k area. I don't have a downside target, but will update once the RSI has entered oversold territory.
Yorum:
A potential reversal might be at the 78.6% "Fib ratio" but I have no had much experience trading this level as it isn't an actual Fib Ratio. Would put the reversal price at around 3470. Good luck guys.
Yorum:
We are getting to the bottom now, I think we have one more dump, potentially to the 3380-3390 zone before the bounce (since we blew through 3470 without resetting the RSI fully). Lots of timeframes are now oversold however, so I wouldn't be surprised if we get a pullback up to the 3600 range before that happens.
Yorum:
Ignore my last comment, I was looking at Bitmex which is around $100 cheaper than Finex... I think the 3470 may still hold.